The second annual edition of this showcase of sketch comedy, presented by Posin’ at the Bar, features more than 50 local and out-of-town ensembles–some well established, some new to the scene–representing a remarkable range of styles and viewpoints, with two groups sharing the bill at each performance. The festival runs January 3-25 at Theatre Building Chicago, 1225 W. Belmont. Performances are Wednesdays-Thursdays at 7:30 and 9 PM, Fridays-Saturdays at 7 and 9 PM, and Sundays at 4, 5:30, 7, and 8:30 PM. Admission is $12.50 per show. For reservations, call 773-327-5252. Following is the schedule through January 9; a complete schedule is available on-line at www.chicagoreader.com.

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Brick and The Class Project

Hoskins & Breen and Red Neck Surfers

The Class Project and Superpunk

The Short Bus Scholars and Big Kids Comedy Hour

The 11-person ensemble True Pilsner promises “an arsenal of sketches and songs that are sometimes smart, sometimes silly, sometimes absurd, sometimes realistic, and always entertaining and funny.” Flambango, founded two years ago, says it “strives to target the political and religious misfortunes of our time without neglecting the poor and needy.” 8:30 PM.

Tales From Waterloo, written and performed by Katie Nahnsen under the direction of David Gilley, is inspired by “the legends and lore of yesteryear in the booming metropolis of Waterloo, Iowa.” See Critic’s Choice for Old Man McGinty. 9 PM.